With both the S 500 and Nasdaq Composite Index in record territory, investors might be surprised to learn that not all businesses have benefited from the market's strong rally. Five Below (NASDAQ: FIVE) fits in the category of underachievers.

As of this writing, Five Below shares are down an eye-watering 46% in 2024. Does this mean it's time to buy this growth stock on the dip?

After the last two times that Five Below reported its quarterly financials, the stock took a huge hit. Most recently, the company gave an update on its fiscal 2024 first-quarter results. The only positive might have been net sales jumping 11.8% during the 13-week period that ended May 24.

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Source Fool.com